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VAT - Partnership reshuffle

Heisenburg81 · 2018-11-28 14:41:38

Bit of an abstract query but here goes; Partnership in existence and holding a rental property which is a transitional property. One of partners wants to sell his share to a third party who will be admitted as a new partner. In effect, the partnership will still own 100% but the partnership composition will be different.…

28-11-2018 2:41pm

#1

Heisenburg81

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Join Date: December 2016

Posts: 187

Bit of an abstract query but here goes;
Partnership in existence and holding a rental property which is a transitional property.
One of partners wants to sell his share to a third party who will be admitted as a new partner.
In effect, the partnership will still own 100% but the partnership composition will be different.

Obviously for IT and CGT the partners shares are extracted but for VAT purposes the partnership owns the property.

Is this even a supply for VAT purposes at all?

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